Direxion Shares ETF Trust Named By Weiss & Lurie In Class Action
October 05 2009
NEW YORK, October 5, 2009/BusinessWire/ -- A class action lawsuit against Direxion Shares ETF Trust (“Direxion” or the “Company”) and certain individuals associated with the Company was commenced in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired shares in the Financial Bear 3X Shares Fund (NYSE:FAZ) Arca (the “FAZ Fund”) offered by Direxion pursuant or traceable to Direxion’s allegedly materially false or misleading Registration Statement issued in connection with the FAZ Fund’s shares (the “Class”) during the period November 3, 2008 through April 9, 2009 (the “Class Period”).
The complaint charges Direxion and certain of its executive officers with violations of the Securities Act of 1933. The complaint alleges that defendants misrepresented or omitted information regarding, among other things, true risks of the Company’s highly leveraged ETF products for those investors in the FAZ Fund for more than a day.
This action seeks to recover damages on behalf of investors who purchased Direxion securities. Plaintiff is represented by Weiss & Lurie, a law firm possessing significant experience and expertise in prosecuting class actions on behalf of shareholders in federal and state courts throughout the United States. Weiss & Lurie has been responsible for collectively recovering more than a billion dollars on behalf of class members and is one of the nation’s leading firms representing shareholders in securities class actions.
If you purchased or otherwise acquired shares in the FAZ Fund, you may move the court no later than November 17, 2009, to serve as a lead plaintiff of the class. In order to serve as a lead plaintiff, you must meet certain legal requirements. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
If you want to obtain a copy of the complaint or want more information about Weiss & Lurie or this action, or if you want to obtain a Certification form to serve as a lead plaintiff, please visit http://www.weisslurie.com. If you wish to receive an investor package or if you wish to discuss this action, have any questions concerning this notice or your rights or interests with respect to this matter, or if you have any information you wish to provide to us, please contact: